GBP/JPY has recently been moving to the upside, however upon todays trading session's there has been a shift in trend from the upside to the downside. As you can see, there has been a break of the trend line which indicates the shift in trend(140.735), price retested the break and continued to the downside towards an area of support that I have identified on the 1H timeframe(140.100). As of now the market has broken the support area and is testing it as resistance. If I get a resistance confirmation upon the support break, there is a big chance the market will drop around 60 pips and target the 139.510 area.
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Feel free to like this post if you agree with my analysis, follow me for more content and share your thoughts in the comments section! :)
Trade closed: target reached:
GBP/JPY target hit with a TP of 40 pips! The market moved to the downside yesterday and filled half of the position (20 pips). After the NY session, volume started to die down in the market causing a consolidation phase throughout the Asian Session where the market gradually retraced 20 pips back to my entry. Then during the London open today, the market dropped and filled my whole position securing 40 pips! Let me know if you took this trade in the comments below! Many more profitable set ups on the way!